Asia’s crypto market is never short on action, and this week was no exception. With several groundbreaking developments from Japan to Hong Kong and regulatory shifts in Russia and South Korea, let’s dive straight into the details.
The Liberal Democratic Party (LDP) of Japan laid out a bold vision last week with the release of the 2024 Web3 White Paper. They’re planning big, giving legal rights to DAOs (Decentralized Autonomous Organizations), considering a Bitcoin ETF, and pushing for tax reforms and stablecoins to foster permissionless innovation. Japan aims to become a central hub for Web3 globally.
Russia seems to be softening its tough stance on crypto, at least internationally. Elvira Nabiullina, the governor of Russia’s Central Bank, mentioned speeding up a bill to use cryptocurrencies for international payments. This comes with a twist, though — only under a tightly controlled experimental legal setup. At home, it’s still a no-go for crypto in domestic payments because they can’t regulate it like traditional money.
Down in South Korea, the won is now king of crypto, beating out the US dollar in trading volume for Q1 2024. A whopping $456 billion was traded in won on exchanges, eclipsing the dollar’s $445 billion. The local market is mostly dominated by a handful of licensed exchanges, with Upbit holding over 80% of the market share. Interestingly, crypto trading briefly outdid stock market activity in March.
Hong Kong is making crypto more mainstream. Three fund companies got the green light from the Securities and Futures Commission (SFC) to let investors buy Bitcoin and Ethereum directly through securities accounts, skipping the need to juggle multiple exchange accounts. Gary Tiu of OSL mentioned that while Hong Kong’s crypto ETFs aren’t linked with the Shanghai-Hong Kong Stock Connect yet, there’s a positive outlook for future inclusion.
Meanwhile, Binance is making a comeback in India, ready to settle a $2 million fine and register with India’s Financial Intelligence Unit. This move will see Binance adhering strictly to local financial laws like anti-money laundering regulations and tax codes.
Dubai faced an unexpected challenge—record-breaking rainfall disrupted the crypto event Token 2049. Floods led to chaos, with attendees like io net’s CMO Garrison Yang and several crypto groups stepping up to help those stranded. The severe weather also messed up flight schedules, adding to the mayhem.
In company news, OKX is seeing major changes in its leadership. Tim Byun, previously CEO of Okcoin and later a government relations officer, has left the company along with product director Wei Lan. This is part of a broader rebranding that’s phasing out their U.S. specific branding.
On a collaborative note, Tether is teaming up with Fuze to push digital asset education in Turkey and the Middle East. Their MoU focuses on educational initiatives, cross-border payment solutions, and helping local financial institutions get up to speed with crypto compliance and regulations.
Lastly, in a bit of celebrity news from Hong Kong, actor Stephen Fung celebrated his anniversary with Shu Qi, showcasing Azuki in their party photos, blending pop culture with digital art trends.
There’s never a dull moment in Asia’s crypto industry.
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